USD Exchange Rate: Rupee sees modest gains
Major commodities such as oil are primarily bought and sold by using the US dollar, and some major economies, including Saudi Arabia, still peg their currencies to the dollar. photo: REUTERS
Currency exchange rates are fluctuating, drawing interest as the Pakistani rupee faces pressure against major currencies.
The US Dollar (USD) was being bought at Rs277.00 and selling at Rs279.75.
Meanwhile, the British Pound (GBP) stood at a buying rate of Rs361.40 and a selling rate of Rs365.00.
The Euro (EUR) was priced at Rs302.25 for buying and Rs 305.25 for selling.
For those involved in the Gulf economies, the Saudi Riyal (SAR) was being bought at Rs73.50 and sold at Rs74.20. The UAE Dirham (AED) was priced at Rs75.35 for buying and Rs76.10 for selling.
Additionally, the Australian Dollar (AUD) was being exchanged at Rs184.50 for buying and Rs187.50 for selling
Meanwhile, the buying rate for the Canadian Dollar (CAD) reached Rs200.50 and Rs204.50 for selling.
Among other notable currencies, The Swiss Franc (CHF) stands at a buying rate of Rs319.35 and a selling rate of Rs323.00
On the other hand, The Omani Rial (OMR) is also notable, with a buying rate of Rs717.50 and a selling rate of Rs724.70.
The Bahraini Dinar (BHD) currently has a buying rate of Rs731.65 and a selling rate of Rs739.00.
Lastly, the Kuwaiti Dinar (KWD) commands the highest value in the market at a buying rate of Rs898.90 and a selling rate of Rs907.90.
NBP: Exchange Company Limited
Earlier on Wednesday, the Pakistan Stock Exchange (PSX) closed nearly flat, inching up by just 5.30 points, or 0.01%, to end the day at 85,669.28 points.
The trading session was marked by volatility, with the KSE-100 index peaking at 86,451.42 points before dipping to 85,444.
Initial optimism stemmed from positive economic indicators, including the State Bank of Pakistan's revision of the small and medium enterprise (SME) exposure limit and high remittances of $2.8 billion for September.
However, mid-session pressure arose due to falling global crude oil prices and foreign outflows. Despite these challenges, easing political noise and anticipation of the earnings season helped stabilize the market.
Key contributors to the index's gains included MCB Bank, which rose by 2.97%, Bank AL Habib at 1.84%, and Hub Power at 1.34%, collectively adding 292 points to the index.
Conversely, negative contributions came from Fauji Fertiliser, Engro Fertilisers, and Pakistan Oilfields, which deducted 215 points.
Overall trading volumes increased to 596.05 million shares, compared to 506.6 million shares in the previous session, with a total trading value of Rs31.3 billion. Out of 448 companies traded, 208 closed higher, 172 declined, and 68 remained unchanged.
K-Electric was the volume leader, trading 55.8 million shares and gaining Rs0.21 to close at Rs3.98. It was followed by Hub Power with 39.7 million shares, gaining Rs1.5 to close at Rs113.42, and PTCL with 32.2 million shares, gaining Rs1.15 to close at Rs13.20.
Notably, foreign investors sold shares worth Rs3.12 billion during the session, as reported by the National Clearing Company of Pakistan Limited (NCCPL).